From January to May 2024, investment in Chinese real estate fell by 10.1% year-on-year, compared to a 9.8% decline from January to April, despite policymakers increasing efforts to support the sluggish real estate sector and boost consumer confidence.
Data from the National Bureau of Statistics on Monday showed that real estate sales by floor area fell by 20.3% year-on-year from January to May, compared to a 20.2% decline from January to April.
The area of new construction started from January to May fell by 24.2% year-on-year, compared to a drop of 24.6% in the first four months.
Funds raised by Chinese real estate developers fell by 24.3% year-on-year, compared to a decline of 24.9% from January to April.
Last month, China announced "historic" measures aimed at stabilizing the crisis-hit real estate market, clearing a massive housing inventory, and stimulating housing demand.
However, analysts say that unless the downward trend in housing prices begins to reverse, these measures may not have a substantial impact on the industry.
